The Daily Star says the Spanish midfielder, 33, is out of contract at the end of the month but has been offered a new one-year deal.
However, Mata will have to agree to his weekly salary being slashed from £170,000 to £100,000.
Whether the ex-Chelsea playmaker accepts those terms remains to be seen - and may depend on what other clubs are willing to pay him to secure his services.
The fact he would be a free if he decides to walk means the likes of former club Valencia, who have been linked with a summer swoop, could better the package on the Old Trafford table.
Saudi Arabia interest is also arriving to Mata's management team.
Mata is keen to stay put and United boss Ole Gunnar Solskjaer definitely wants to keep him.
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